v3.26.1
Earnings Per Share
6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 20 votes per share. Each share of Class B common stock is convertible into one share of Class A common stock voluntarily at any time by the holder, and automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a proportional basis and the resulting net income per share attributable to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.
The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except per share data):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026202520262025
Basic EPS:
Numerator:
Net income from continuing operations$1,266,538 $771,856 $2,472,151 $1,495,394 
Less: income attributable to participating securities— (194)— (374)
Net income from continuing operations attributable to common stockholders - Basic
1,266,538 771,662 2,472,151 1,495,020 
Income (loss) from discontinued operations, net of income taxes, attributable to common stockholders - Basic
— 47,663 — (99,420)
Net income attributable to common stockholders - Basic$1,266,538 $819,325 $2,472,151 $1,395,600 
Denominator:
Weighted-average shares used in computing net income (loss) per share - Basic
335,800 338,617 336,595 339,224 
Net income (loss) per share attributed to Class A and Class B common stockholders - Basic:
Continuing operations$3.77 $2.28 $7.34 $4.41 
Discontinued operations— 0.14 — (0.30)
Basic net income per share$3.77 $2.42 $7.34 $4.11 
Diluted EPS:
Numerator:
Net income from continuing operations attributable to common stockholders - Basic$1,266,538 $771,662 $2,472,151 $1,495,020 
Re-allocation of participating securities considered potentially dilutive securities— — 
Net income from continuing operations attributable to common stockholders - Diluted1,266,538 771,664 2,472,151 1,495,025 
Income (loss) from discontinued operations, net of income taxes, attributable to common stockholders - Diluted
— 47,663 — (99,420)
Net income attributable to common stockholders - Diluted$1,266,538 $819,327 $2,472,151 $1,395,605 
Denominator:
Weighted-average shares used in computing net income (loss) per share - Basic335,800 338,617 336,595 339,224 
Weighted-average dilutive stock awards1,231 3,577 1,280 4,305 
Weighted-average shares used in computing net income (loss) per share - Diluted337,031 342,194 337,875 343,529 
Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted:
Continuing operations$3.76 $2.26 $7.32 $4.35 
Discontinued operations— 0.13 — (0.29)
Diluted net income per share$3.76 $2.39 $7.32 $4.06 
As of June 30,
20262025
Anti-dilutive potential common stock excluded107 148